If you are a small to mid-sized business owner looking to incorporate a new online marketing strategy, you should consider accepting credit payments using an internet credit card terminal. An online merchant accounts (or virtual terminal) is probably the quickest and easiest way to get started accepting credit cards for your business and offer safe & secured online credit card processing at the lowest rate around. You will have no set up fees, no set up charges, and great deals on payment processing fees. In short, it's the best way to accept credit payments for your small business online.
When you set up your virtual terminal to accept credit card payments, you will want to choose a payment gateway that is right for you. Most people use a processing service that allows them to accept credit and debit card payments. The two major options that come with an online credit card processing account are the payment gateway and the merchant account. There are other options available, but for most businesses it's better to use one of these two types. It's important that you understand the difference between these two and which one best suits your needs.
A secure payment gateway is a service provided by your internet merchant account provider that is specifically designed to help you accept credit card payments while still maintaining the security of your e-commerce website. It basically protects all of your client information from being accessed by others. It is a toll free number that can be called from any computer with an internet connection. When a customer calls the number, they will be able to access the secure server from where they can make the purchase online. All secure servers and other online payment gateways use 128-bit encryption systems. This type of encryption prevents hackers from intercepting any information that is sent or received by your online credit card processing account.
While this may seem ideal, there are a couple of things that you should know before signing up for an internet merchant account with a small business or a startup. One of the biggest mistakes that many small businesses make is not setting up the accounts at a reasonable fee. There are a variety of different types of fees and setup fees that vary between different e-commerce websites. These fees can get extremely high after setup, so it's important that you shop around to get the best deal on your e-commerce merchant account.
Another mistake that many small business owners make is charging their clients outrageous setup fees for their online credit card payments. In most cases the fees for an online credit card processing account will vary according to the type of transaction that your business has in mind. For instance, a customer would most likely be charged a setup fee for any business transaction that requires them to enter their personal credit card number. Setup fees can also apply to any online credit card payments made using a debit card or a pre-paid card. There are other fees that can apply to certain transactions but these are the two most common. Your business owner needs to have a full understanding of all the setup fees and all the various charges that applied to any type of transaction when they set up an online credit card payment processing account for their business.
When a business owner sets up an online credit card payment processing account it's important that they give the client plenty of notice. This means giving the client ample time to make their payment arrangements. Once you give the client notice that the transaction is coming up then you need to give them plenty of warning time before . . . . . . the transaction is completed. Any time that a business owner gives a customer notice of a pending transaction it's important that they give the customer ample time to make the appropriate payment arrangements. Failure to do so can result in a chargeback and the loss of a valuable customer.
Another component of a small business online credit card processing account is a secure payment gateway. The secure payment gateway allows the small business owner to complete all of their credit card transactions through a safe and secure gateway system. This helps to protect both the customer and the business. The secure payment gateway system requires the small business owner to input any personal financial data into the secure payment gateway system prior to processing any credit card purchases.
Finally, business owners need to know that online credit card processing accounts can only be processed with a network that offers many different payment options. Most e-commerce processors only work with one or two, which limits the amount of payment options available on the internet for a business owner. Business owners need to find an internet merchant account provider who offers many different payment options and can process their business online. Otherwise the business will be severely limited in its ability to accept credit card transactions. This information should help business owners understand how important it is for them to choose the right credit card processor for their needs.